Other Articles
Proposed changes to the Duties Act
A bill has recently been introduced to Parliament (State Revenue Legislation Further Amendment Bill 2014 [2014]) that proposes a number of changes to the Duties Act 1997. If passed, amendments to section 62A are of note regarding property transfers to SMSF. Firstly,...
The steps required to buy a residential property
The steps in buying a residential property are: 1. You must confirm your finances in writing before you start looking to buy. Your lender should be able to give you a letter indicating the amount the lender will lend you when you purchase subject to valuation and the...
Risky risks management
Risky Risk Management Greg and Chloe come to see you about reorganising their business affairs. Chloe is about to become the director of a private equity company and is concerned about her personal liability. Various issues are discussed and various strategies worked...
Trusts and UPE’s
Unpaid Present Entitlements owed by a Trust to a corporate beneficiary can be taxed in the hands of the Trust pursuant to Division 7A if the UPE arose after 16 December 2009 and has not been paid out. That is, if the Trust and corporate beneficiary form part of the...
Should you own your home as joint tenants or as tenants in common?
When two or more people decide to purchase a home together it is important that they consider how to take title to the property. The manner in which title is taken can affect their rights now and in the future. In NSW there are two types of tenancy, joint tenants and...
Tax ruling on family companies and family law
A very important draft taxation ruling issued last week. Up to now, the ATO has been acknowledging that a payment by a family company to a family member under a Family Court order is tax free. If the draft ruling becomes final that will no longer be the case. Whether...
What you should know about the effect of marriage and divorce on your Will
What happens to a Will upon Marriage Unless your will specifically says it was made in contemplation of marriage, when you do marry your existing will is automatically revoked. If your will is revoked and you fail to make a new one after marriage, all your assets are...
Risks of company guarantees
Farming clients Charlotte and George have had a terrible year with persistent rain during the harvest period resulting in a complete crop failure. Because of the crop failure, they were unable to meet their latest interest payment to the bank. Charlotte and George...
Property ownership: joint tenants or tenants in common
When property is purchased with one or more other persons, a decision needs to be made whether to own the property as joint tenants or tenants in common. Joint tenants Joint tenants means that: • You own the property in equal shares • If one owner dies, then their...
The importance of a power of attorney
Your husband Robert suffered a stroke three weeks ago and is in hospital. The doctors tell you that Robert is suffering from memory loss. His prognosis is not good and several weeks later Robert becomes extremely ill. The doctors tell you Robert has lost mental...